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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Skydance
Skydance (SKYD) investor relations material
Skydance Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary9 Nov, 2026
Executive summary
Q3 revenue was $7.025B, up 5% on a supplemental pro forma basis; Adjusted EBITDA was $1.000B and adjusted net earnings were $506M.
The WBD merger closed October 6, 2026; its results are excluded from the quarter ended September 30.
Integration targets at least $6B of run-rate synergies within three years; the strategy emphasizes premium content and IP, unified technology, D2C growth, and profitable linear operations.
Financial highlights
Q3 revenue was $7.025B; operating income was $368M; net earnings attributable to Parent were $73M; diluted EPS was $0.06.
Q3 Adjusted EBITDA was $1.000B; adjusted net earnings were $506M and adjusted diluted EPS was $0.45, including a $514M gain on interest-rate contracts.
9M revenue was $21.285B; operating income was $1.459B; net earnings attributable to Parent were $282M; diluted EPS was $0.25.
9M Adjusted EBITDA was $3.260B; adjusted net earnings were $972M and adjusted diluted EPS was $0.87.
Standalone Paramount remained on track for the high end of FY2026 adjusted EBITDA guidance at $3.9B; Q3 adjusted EBITDA exceeded the top end of guidance.
Outlook and guidance
Medium-term targets: mid-single-digit revenue growth, adjusted EBITDA margins in the mid-20% range, at least $10B of free cash flow in 2030, and net leverage below 3x by end-2029.
Combined underlying free cash flow is expected to be $4B, excluding one-time transformation costs; FCF conversion is expected at 30%, excluding transformation and transaction costs.
2027 preliminary outlook calls for continued strong D2C and studio revenue growth, higher total Adjusted EBITDA YoY, and free cash flow at break-even or better, including synergy costs.
Q4 D2C revenue is expected to grow strongly; Warner Bros. film-slate underperformance is expected to create a $200M Adjusted EBITDA headwind and slow combined studio growth.
Annual guidance replaces quarterly guidance; full 2027 guidance is planned for the next earnings call, with quarterly trend commentary as appropriate.
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Latest events from Skydance
- Q2 2026 revenue hit $6.91B, adjusted EBITDA $1.10B, and DTC subscribers reached 81.6M.SKYD
Q2 2026 - Board proposals passed, shareholder initiatives failed, with focus on cost savings and streaming growth.SKYDAGM 2024
- Q1 2026 saw $7.35B revenue, $1.16B EBITDA, 79.6M Paramount+ subs, and major merger progress.SKYDQ1 2026
- $30/share all-cash bid offers $18B more cash, $6B synergies, and global streaming leadership.SKYDM&A Announcement
- Q2 2025 saw streaming gains, $6.85B revenue, and Skydance deal closing in August.SKYDQ2 2025
- Paramount+ subscriber growth and D2C profitability offset revenue declines and impairment charges.SKYDQ3 2024
- $5.98B impairment drove a $5.41B Q2 loss, but D2C and streaming growth remained strong.SKYDQ2 2024
- $8B merger forms $28B media-tech leader with unified IP, cost synergies, and digital focus.SKYDM&A Announcement
- Adjusted EBITDA up 30% to $3.1B, 10M new Paramount+ subs, $6B impairment drives net loss.SKYDQ4 2024
Next Skydance earnings date
Q4 202624 Feb, 2027
Skydance
Next Skydance earnings date
Q4 202624 Feb, 2027
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Frequently asked questions
Over 110 years of entertainment experience
Paramount is an American entertainment company established in 1912, boasting an impressive history and track record of film production. The company's catalog and operations primarily focus on production of movies and TV-series, but Paramount also owns CBS Broadcasting, which is a broadcaster producing shows and various news programs.
Production and distribution
Paramount's production and distribution operations encompass a range of activities within the entertainment industry. The company engages in the development, financing, and production of films and television shows through collaboration with writers, directors, and actors. Paramount then distributes their produced content globally through partnerships, licensing deals, and digital platforms. Paramount's historical success has been driven by its focus on content quality, market relevance, and effective distribution strategies.
The news side of the Paramount organization
The news side of the wider Paramount organization is CBS, which operates a robust news division that delivers reliable and up-to-date news coverage. With teams of journalists, anchors, and correspondents, CBS News provides comprehensive reporting on national and international events across various platforms, including television, digital, and radio. As part of the broader Paramount organization, CBS benefits from the company's extensive resources and expertise in content creation, distribution, and production.
Breaking into the streaming world
Paramount has, in the wake of the streaming revolution brought on primarily by Netflix, started their own streaming service. This isn’t something that Paramount is alone in pursuing and similar services are being offered to consumers by companies such as Amazon and Disney. Paramount+ is the company’s own foray into the streaming world and was launched in 2014 under the name CBS All Access. Back then, the primary function of the service was to enable consumers to live-stream content from CBS. Paramount has made a big push with their streaming service in recent years and the platform includes movies and shows produced in-house, as well as content from other production companies.